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Willie Walsh, chief executive of British Airways, whose Â£1.7bn (â¬2.5bn) pension deficit is one of the most serious in the FTSE 100, has said his priority is investing in the business and not the underfunded scheme.

In a newsletter to employees, Walsh said British Airways must solve its pension deficit "once and for all" but that added: "We cannot and we will not address the deficit in [the pension scheme] at the expense of investment in the business."